The leadership style of the incumbent chairman of the Economic and Financial Crimes Commission (EFCC), Ola Olukoyede, appears to be producing significant results. Under his leadership, the anti-graft agency has recovered funds that are among the highest since the commission’s establishment.
Since being appointed as the fifth chairman, Olukoyede has led the 21-year-old agency to intensify investigations into alleged corruption by public officials and financial crimes in the private sector, resulting in substantial fund recovery.
In the first year following President Bola Tinubu’s appointment of Olukoyede, the EFCC recovered over N400 billion in cash from looters and fraudsters through thorough investigations carried out by the agency’s headquarters and its 14 zonal offices across Nigeria.
In addition to the monetary recovery, the agency seized 53 vehicles from fraudsters, which were then handed over to the Canadian Royal Mounted Police for repatriation. These vehicles had been stolen over time in Canada, smuggled to Nigeria, and distributed across various locations by criminal elements.
During this period, the agency’s legal representatives secured 3,455 convictions, ensuring that the costs incurred in prosecuting cases were justified.
The statistics regarding funds recovered and convictions achieved were summarized in a document obtained by our correspondent, outlining the agency’s accomplishments between October 2023 and September 30, 2024.
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The document details that out of the total funds recovered, over N248 billion was in local currency, while approximately N200 billion represented estimations in United States Dollars, Australian Dollars, Canadian Dollars, Euros, British Pounds, and other foreign currencies during the review period.
The monetary recoveries made by the agency include $105,423,190.39; £53,133.64; €172,547.10; ₹1,300.00 (One Thousand Three Hundred Indian Rupees); CAD $3,400.00 (Three Thousand Four Hundred Canadian Dollars); ¥74,859.00 (Seventy-Four Thousand Eight Hundred Fifty-Nine Chinese Yuan); AUD $740.00 (Seven Hundred Forty Australian Dollars); 170 AED (One Hundred Seventy United Arab Emirates Dirhams); 73,000 KRW (Seventy-Three Thousand Korean Won); and CFA 7,821,375 (Seven Million Eight Hundred Twenty-One Thousand Three Hundred Seventy-Five West African CFA) down to R 50.00 (Fifty South African Rands).
Earlier, the EFCC’s Director of Public Affairs, Wilson Uwujaren, stated that the commission has achieved notable success in combating corruption in the country.
“In terms of Naira recovery, we have recovered over N200 billion in one year under Ola Olukoyede’s administration. This is not even accounting for the dollar and euro components of the recoveries. The figures are truly substantial. We also have over 3,000 convictions within the same period, which we find very encouraging,” he said.
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Despite these achievements, Uwujaren emphasized that the commission’s focus is on preventing crimes rather than merely securing convictions.
“The approach of this leadership at the EFCC emphasizes the prevention of corruption,” he explained.
To implement this, Uwujaren noted that the commission has initiated measures, including educating youth across the country about the dangers of fraud, particularly cybercrime.
Furthermore, he identified public sector corruption as a significant concern.
“It is widely recognized that a major source of corruption, especially in the public sector, involves contract and procurement processes. The commission is determined to address these practices before they occur,” the agency’s public affairs director added.
“As the saying goes, ‘prevention is better than cure.’ If we can prevent procurement fraud from occurring, we will save a substantial amount of resources for the country.”
